Philippine Taxation

IFRS 16 - Leases (CAL January 2016)

On 13 January 2016, the International Accounting Standards Board (IASB) finished its long-standing project on lease accounting and published IFRS 16, ‘Leases’, which replaces the current guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular.

Tax Alert No. 4 (3 February 2016)

Amendment of RMO No. 20-2007 relative to the Simplified Processing of Applications for Compromise Settlement and Abatement Cases by Concerned Regional Offices

Tax Alert No. 3 (18 January 2016)

2016 Filing of Annual Financial Statements and General Information Sheet

Tax Alert No. 2 (11 January 2016)

Centralized Processing of ATRIGs for Excisable Products

IASB postpones effective date of amendments to IFRS 10 and IAS 28 (CAL December 2015)

The International Accounting Standards Board (IASB) has postponed the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures.

Tax Alert No. 1 (6 January 2016)

Amending RR No. 16-2005 on the sale, importation or lease of passenger or cargo vessels and aircrafts for domestic or international transport operations

Tax Alert No. 47 (18 December 2015)

Suspension of All Audit and other Field Operations of the Bureau of Internal Revenue effective 16 December 2015

Tax Alert No. 46 (16 December 2015)

The Tax Incentives Management and Transparency Act (TIMTA)

Shaping the future of insurance accounting (CAL November 2015)

According to the International Accounting Standards Board (IASB), “the insurance industry is an important and increasingly international industry and insurance contracts expose entities to long term and uncertain obligations.

Tax Alert No. 45 (20 November 2015)

Further extending the deadline under Revenue Regulation No. 12-2015, for adjusting CRM/POS/other similar machines